Oil prices have fallen by roughly 30% since June, and they kept pushing lower Thursday.

Meanwhile, some OPEC members including Saudi Arabia, Kuwait, Qatar and the United Arab Emirates can afford to be less concerned about falling prices because they have built up a deep financial cushion of $2.5 trillion dollars in combined savings.

"The Gulf authorities may see a period of lower oil prices as working in their favor over the longer-term, particularly if it squeezes the shale industry in the U.S.," said Jason Tuvey, a Middle East economist at Capital Economics.

Shares in major oil companies, including BP(BP) and Royal Dutch Shell(RDSB), were dropping on the London stock exchange after the OPEC decision was released.